Whats the absolute lowest minimum credit score you can have to get a mortage

There are lenders out there that will go as low as 500, but the guidelines are so tight that very few qualify.. also, if your score is below 580, FHA requires 10% minimum down payment.. The real question is "Why?"... Why is your score low.. if you have a BK, Foreclosure, Deed in Lieu, unpaid student loans or back taxes, judgments, etc.. it wouldn't matter if you had a 750 credit score, you still might be denied.. the only way to know for sure if you qualify would be to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

We go down to a 560 credit score. Call me at 281-833-9424. Thanks

Generally 560-580 is the lowest lenders will go.

Some lenders will go to 580 but your rate will be higher. Call one of the Lender 411 mortgage pros in your area. They will help you with a loan and possibly getting your scores up. Good luck.

Lowest minimum score will depend on the program that is being used and the lender you are dealing with. As Linda mentioned, you will be payinghigher rate for having lower score. It might be in your best interest to work with a local licensed mortgage professional to get your score up, to reducethose costs. In addition to the higher rates a low credit score will bring, there is also probable mortgage insurance payments - due to low downpayment; and if the amount of the loan doesn't reach a certain level, there may be additional rate charges for that as well.

You will get much better rates and terms and the likelihood of your loan closing will be exponentially greater if your Credit Score is 640 or higher for FHA. Conventional loans require still higher credit scores. To be honest, an FHA loan can be done below 640 as is noted. However, below 640 you are looking at larger down payments, stricter employment guidelines, additional payment reserves and generally gifts and down payment assistance are forbidden. You will want to work with a lender that will assist you in working with you to get the credit score up because in the long run the lower rate and expenses associated with a below 640 FICO score will cost you 10's of $1,000s over the live of the loan where a little credit tweaking. Note I did not say credit repair. Everything from underwriting, interest rates,mortgage insurance rates and even hour Home Insurance are driven by your FICO score. Feel free to contact our office for a no obligation consultation

500 but at that score plan on EXTREMELY tight underwriting, Much Higher Rates, and about 40%-50% down payment/equity.

There are lenders out there that will go as low as 500, but the guidelines are so tight that very few qualify.. also, if your score is below 580, FHA requires 10% minimum down payment.. The real question is "Why?"... Why is your score low.. if you have a BK, Foreclosure, Deed in Lieu, unpaid student loans or back taxes, judgments, etc.. it wouldn't matter if you had a 750 credit score, you still might be denied.. the only way to know for sure if you qualify would be to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Private lenders will ignore your credit score, but the rates are high, and the down payment will be 30% to 50%.

Regardless of all you see and read... From a realistic, actually able to get a loan standpoint, of your middle score is below 620, you should not bother looking for a loan, and instead, spend your time improving your score.

with FHA there are no credit score requirements, but it really depends on the lender. Lenders set their own requirements and some can go as low as a 580.